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Friday 6 November 2026
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Novartis AG
NVS Healthcare Drug Manufacturers General
Novartis AG’s revenue for fiscal 2025 (year ended December 2025) was $56.7 billion, up 9.57% from fiscal 2024.
- Revenue
- +4.67%
- EPS
- −69.1%
- Free cash flow
- −17.8%
- Total debt
- +53.9%
Quarter to September 2026, against a year earlier
162.65
0.72
+0.44%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
24.99 | 24.98 | 15.29 | 17.93 | 25.73 | 7.89 | 27.97 | 14.05 | 16.47 | 19.15 |
Piotroski F-Score |
5 | 8 | 7 | 7 | 5 | 8 | 6 | 5 | 6 | 8 |
P/S ratio |
3.38 | 3.83 | 4.18 | 4.31 | 4.17 | 3.59 | 4.48 | 4.50 | 3.80 | 4.72 |
Altman Z-Score |
3.23 | 3.35 | 3.03 | 3.33 | 2.99 | 3.32 | 3.35 | 3.85 | 3.61 | 4.13 |
Altman Z″-Score (non-manufacturers) |
3.84 | 3.79 | 3.63 | 3.02 | 2.62 | 4.13 | 3.62 | 3.34 | 3.20 | 3.35 |
P/FCF ratio |
17.42 | 18.12 | 15.34 | 15.90 | 18.04 | 14.50 | 15.79 | 15.10 | 14.06 | 17.34 |
Beneish M-Score |
(2.65) | (2.68) | (2.52) | (2.86) | (2.71) | (2.20) | (2.79) | (2.87) | (2.72) | (2.49) |
P/Operating CF |
46.58 | 56.39 | 51.12 | 59.29 | 51.94 | 48.87 | 47.33 | 82.36 | 46.83 | 118.08 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 66 |
P/B ratio |
2.23 | 2.59 | 2.45 | 3.78 | 3.67 | 2.80 | 3.27 | 4.49 | 4.45 | 5.74 |
Price to Tangible BV |
13.31 | 15.40 | 41.14 | 874.49 | 0.00 | 46.92 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
3.71 | 4.21 | 4.53 | 4.64 | 4.66 | 3.61 | 4.64 | 4.71 | 4.11 | 5.10 |
EV/EBITDA |
12.69 | 20.40 | 20.67 | 18.20 | 17.49 | 16.31 | 13.53 | 16.53 | 12.11 | 12.62 |
EV/Operating CF |
15.97 | 16.74 | 14.62 | 16.57 | 17.03 | 12.65 | 14.18 | 15.21 | 12.06 | 15.11 |
EV/FCF |
19.09 | 19.91 | 16.63 | 17.11 | 20.16 | 14.57 | 16.37 | 15.83 | 15.21 | 18.76 |
Quick Ratio |
0.73 | 0.78 | 0.84 | 0.71 | 0.61 | 1.21 | 0.95 | 0.83 | 0.73 | 0.76 |
Current Ratio |
1.12 | 1.21 | 1.20 | 1.04 | 0.90 | 1.51 | 1.29 | 1.16 | 1.04 | 1.12 |
Net Debt/EBITDA |
1.11 | 1.27 | 1.19 | 1.07 | 1.50 | 0.07 | 0.49 | 0.56 | 0.78 | 0.96 |
Debt/Assets |
18.29% | 21.44% | 22.09% | 23.13% | 28.21% | 22.15% | 22.29% | 24.62% | 28.95% | 30.23% |
Debt/Equity |
0.32 | 0.38 | 0.41 | 0.49 | 0.64 | 0.43 | 0.44 | 0.53 | 0.67 | 0.72 |
Asset Turnover |
0.38 | 0.38 | 0.33 | 0.37 | 0.41 | 0.41 | 0.35 | 0.43 | 0.51 | 0.53 |
Operating CF/Net income |
1.71 | 1.64 | 1.13 | 1.16 | 1.69 | 0.63 | 2.05 | 0.97 | 1.48 | 1.37 |
Capex/Depreciation |
(0.30) | (0.32) | (0.33) | (0.07) | (0.35) | (0.36) | (0.27) | (0.07) | (0.60) | (0.71) |
Interest Coverage |
11.69 | 11.11 | 9.02 | 10.69 | 11.68 | 14.41 | 9.93 | 11.43 | 14.46 | 15.42 |
| 8.83% | 10.33% | 16.49% | 17.48% | 14.39% | 38.59% | 10.93% | 27.97% | 26.28% | 30.84% | |
| 5.13% | 5.85% | 9.05% | 8.89% | 6.56% | 18.51% | 5.58% | 13.66% | 11.81% | 13.12% | |
ROIC |
5.68% | 5.78% | 5.54% | 7.94% | 7.82% | 10.64% | 7.45% | 10.72% | 15.08% | 16.10% |
Return on Tangible Assets |
36.55% | 36.22% | 58.24% | 88.15% | 90.93% | 88.79% | 36.57% | 109.15% | 114.05% | 100.14% |
Average Days of Receivables |
61.71 | 64.08 | 71.06 | 64.15 | 61.86 | 57.18 | 69.99 | 58.93 | 53.32 | 58.88 |
Research and Development Expense of Revenue |
18.28% | 17.90% | 18.41% | 19.32% | 18.00% | 18.04% | 21.10% | 24.37% | 19.38% | 19.76% |
Selling, General and Administrative Expense of Revenue |
28.71% | 29.91% | 29.76% | 29.52% | 28.45% | 28.15% | 28.06% | 26.83% | 24.30% | 23.38% |
Intangible Assets out of Total Assets |
0.48 | 0.46 | 0.51 | 0.47 | 0.52 | 0.48 | 0.52 | 0.50 | 0.51 | 0.50 |
Share Based Compensation of Revenue |
1.36% | 1.36% | 1.46% | 1.56% | 1.48% | 1.39% | 1.82% | 1.85% | 2.02% | 1.93% |
Graham Net Nets |
(0.18) | (0.16) | (0.16) | (0.16) | (0.20) | (0.10) | (0.11) | (0.11) | (0.14) | (0.13) |
Graham Number |
44.74 | 48.32 | 64.39 | 52.80 | 44.58 | 85.40 | 44.22 | 60.34 | 53.92 | 62.36 |
Earnings Yield |
4.00% | 4.00% | 6.54% | 5.58% | 3.89% | 12.67% | 3.58% | 7.12% | 6.07% | 5.22% |
Free Cash Flow Yield |
5.74% | 5.52% | 6.52% | 6.29% | 5.54% | 6.90% | 6.33% | 6.62% | 7.11% | 5.77% |
Revenue per Share |
20.82 | 21.37 | 19.88 | 21.25 | 21.91 | 23.57 | 19.93 | 22.47 | 25.63 | 29.23 |
Operating CF per Share |
4.83 | 5.38 | 6.15 | 5.95 | 5.99 | 6.72 | 6.53 | 6.96 | 8.73 | 9.87 |
Capex per Share |
(0.79) | (0.86) | (0.74) | (0.19) | (0.93) | (0.88) | (0.88) | (0.27) | (1.81) | (1.92) |
Free Cash Flow per Share |
4.05 | 4.52 | 5.41 | 5.76 | 5.07 | 5.84 | 5.65 | 6.69 | 6.92 | 7.95 |
Cash per Share |
3.28 | 4.04 | 6.88 | 5.00 | 5.08 | 12.63 | 8.68 | 6.95 | 6.67 | 5.98 |
Shareholders Equity per Share |
31.55 | 31.64 | 33.93 | 24.25 | 24.89 | 30.24 | 27.25 | 22.51 | 21.87 | 24.01 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
31.55 | 31.64 | 33.93 | 24.25 | 24.89 | 30.24 | 27.25 | 22.51 | 21.87 | 24.01 |
Free Cash Flow |
9,604.00 | 10,607.00 | 12,549.00 | 13,198.00 | 11,533.00 | 13,088.00 | 12,325.00 | 13,897.00 | 13,971.00 | 15,421.00 |
Working Capital |
2,722.00 | 4,805.00 | 5,956.00 | 1,240.00 | (3,386.00) | 15,510.00 | 8,254.00 | 4,091.00 | 1,012.00 | 3,182.00 |
Capital Expenditures |
(1,871.00) | (2,014.00) | (1,723.00) | (427.00) | (2,117.00) | (1,983.00) | (1,911.00) | (561.00) | (3,648.00) | (3,723.00) |
Net Current Asset Value |
(30,302.00) | (30,644.00) | (31,308.00) | (33,315.00) | (41,439.00) | (18,255.00) | (21,120.00) | (22,714.00) | (28,416.00) | (33,940.00) |
EV/EBIT |
22.17 | 24.48 | 24.83 | 24.85 | 22.90 | 16.31 | 25.40 | 22.52 | 14.61 | 16.40 |
Capex to Sales |
0.04 | 0.04 | 0.04 | 0.01 | 0.04 | 0.04 | 0.04 | 0.01 | 0.07 | 0.07 |
Price to Operating Income |
20.23 | 22.27 | 22.91 | 23.10 | 20.49 | 16.24 | 24.49 | 21.47 | 13.50 | 15.15 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.39 | 0.38 | 0.33 | 0.48 | 0.50 | 0.47 | 0.65 | 0.88 | 0.65 | 0.49 |
Cash ROIC |
9.02% | 9.45% | 9.90% | 13.98% | 11.06% | 10.44% | 11.79% | 16.20% | 16.03% | 16.82% |
Accounts Receivable Turnover |
5.98 | 5.84 | 5.19 | 5.55 | 5.87 | 6.32 | 5.23 | 5.88 | 6.86 | 6.79 |
Accounts Payable Turnover |
3.32 | 3.42 | 2.71 | 2.63 | 2.79 | 2.90 | 2.17 | 2.48 | 2.70 | 3.03 |
Inventory Turnover |
2.81 | 2.62 | 2.10 | 2.23 | 2.31 | 2.30 | 1.67 | 1.91 | 2.20 | 2.28 |
Average Days of Payables |
101.52 | 109.85 | 139.76 | 137.25 | 130.42 | 127.74 | 162.17 | 144.16 | 130.10 | 118.73 |
Days of Inventory on Hand |
130.31 | 145.94 | 174.98 | 151.36 | 172.13 | 153.34 | 226.12 | 173.05 | 162.85 | 167.03 |
Average Receivables |
8,269.00 | 8,580.00 | 8,888.50 | 8,765.00 | 8,505.50 | 8,369.50 | 8,308.50 | 7,933.50 | 7,544.50 | 8,349.00 |
Average Payables |
5,270.50 | 5,021.00 | 5,362.50 | 5,490.00 | 5,413.50 | 5,478.00 | 5,349.50 | 5,036.00 | 4,749.00 | 4,514.00 |
Average Inventory |
6,240.50 | 6,561.00 | 6,911.50 | 6,469.00 | 6,556.50 | 6,898.50 | 6,920.50 | 6,544.00 | 5,818.00 | 5,996.00 |
Average Assets |
130,840.00 | 131,601.50 | 139,321.00 | 131,966.50 | 123,074.00 | 129,786.50 | 124,624.00 | 108,699.00 | 101,095.50 | 106,597.50 |
Average Common Equity |
76,006.50 | 74,559.00 | 76,459.50 | 67,121.50 | 56,108.50 | 62,244.00 | 63,622.50 | 53,086.50 | 45,438.00 | 45,337.50 |
Columns are period end dates · fundamentals updated 2 Nov 2026